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Rocmec Mining Inc. (TSXV:RMI) entered into a Memorandum of Understanding with 8431469 Canada Inc. (Nippon Dragon Resources) for financing and a reverse takeover.
As quoted in the press release:
Pursuant to the MOU, Nippon Dragon Resources has firstly agreed to subscribe for 6,000,000 units of Rocmec at a price of $0.05 per unit (the “Units”) under a non-brokered private placement for total gross proceeds to Rocmec of $300,000 (the “Private Placement”).
Nippon Dragon Resources also agreed under the MOU to sell certain of its mining assets, which will include certain rights in mining properties, to Rocmec, and Rocmec has agreed to acquire such assets in consideration for a certain amount of common shares of Rocmec to be issued to Nippon Dragon Resources (the “Transaction”). Following the Transaction, Nippon Dragon Resources will hold more than 50% of the issued and outstanding common shares of Rocmec and as such, the Transaction will constitute a reverse takeover under Exchange policies.
Click here to read the Rocmec Mining Inc. (TSXV:RMI) press release
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